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Mortgage 2000 claims electronic lead

Mortgage 2000 claims it has overtaken its main rivals Mortgage Brain and IFOnline to become the biggest electronic mortgage trading platform in the UK.

Mortgage 2000 says it got £20m in electronic mortgage applications in April, its highest level yet, and is on track to hit £50m a month by the end of the year.

But its competitors are disputing its position as an electronic trading platform, saying little of its business is true end-to-end processing because the entire transaction between the broker and lender is not completed online.

Mortgage 2000 says that while Mortgage Brain and IFOnline have been eyeing each other as competition, it has quietly spent 18 months building its business.

It says lenders which own a stake in Mortgage Brain have changed their attitude and are willing to discuss joining its panel.

Northern Rock is already on board and Mortgage 2000 says it is in advanced discussions with at least one other lender.

Director Stuart Glendinning says: “We are almost certain that we are the market leader and the others will find it difficult to wrestle for market share. Most lenders are saying they do not want to work exclusively with one platform.”

Mortgage Brain chief executive Mark Lofthouse says: “£20m only equates to between 150 and 200 mortgages a month which is a very small percentage of the market.”

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